Bitcoin ETFs see record day; BlackRock’s IBIT reaches $30 billion in assets under management
On October 29, the 12 U.S. spot bitcoin ETFs saw $870 million in net inflows, marking one of the top 10 days since the ETFs’ inception. BlackRock’s (NASDAQ:IBIT) ETF recorded inflows of $642.87 million – its largest daily inflow in over seven months.
This activity pushed IBIT’s trading volume to $3.36 billion, the highest since March, signaling strong demand. IBIT became the fastest-growing ETF, reaching $30 billion in assets under management within 293 days, surpassing the growth of gold ETFs and JEPI. The fund holds about 417,000 bitcoins, representing 2% of the total supply, and may reach 500,000 BTC by the end of 2024, making it one of the largest global holders.
Meanwhile, ether ETFs also grew, with net inflows of $7.65 million; BlackRock’s (NASDAQ:ETHA) ETF saw $13.62 million in positive flows, bringing the total volume to $280.55 million.
Ethereum recovers, settles $17 million in short bets
After months of underperformance relative to Bitcoin, Ether (COIN:ETHUSD) showed signs of recovery, rising 1.4% in the last 24 hours to $2,674.00, while Bitcoin (COIN:BTCUSD) fell 1.2% to $71,870. This rise liquidated $17 million in short positions. Although layer 2 networks have raised skepticism, Ethereum still dominates 55% of the total value locked in DeFi protocols, indicating potential for further gains should interest in altcoins grow.
Starknet reaches transaction record with new peak of 857 TPS
On October 29, Starknet, Ethereum’s L2 network, announced a record 857 transactions per second (TPS), surpassing the previous 503 TPS mark. This performance was achieved during a stress test processing 11 million transactions in 24 hours. CEO Eli Ben-Sasson highlighted that Starknet achieved high capacity while maintaining decentralization and efficient gas fees, positioning itself as a promising alternative among Ethereum’s L2 solutions.
Polymarket manipulation: investigations point to wash trading for airdrop farming
According to Fortune, Polymarket faces manipulation suspicions through wash trading, an illegal practice in traditional finance. This method, where a single entity repeatedly buys and sells an asset, allegedly targets “airdrop farming” to qualify for token distribution. Investigators from Chaos Labs and Inca Digital estimate around one-third of Polymarket’s presidential trading volume is suspect, though lacking direct evidence.
VanEck and Kiln partner to offer Solana staking in institutional products
VanEck partnered with Kiln to integrate Solana staking into its products, including ETFs and ETNs, providing a regulated and simplified entry for investors. Kiln will handle technical staking, while VanEck offers institutional exposure, enabling investors to earn rewards without managing SOL (COIN:SOLUSD) tokens. After launching the first Solana ETF in June, VanEck projects that SOL could reach 50% of Ethereum’s market value.
Visa and Coinbase partner for instant deposits with debit cards
Visa (NYSE:V) partnered with Coinbase (NASDAQ:COIN) to offer instant deposits via Visa Direct for U.S. and EU clients with eligible debit cards. This integration allows users to fund Coinbase accounts in real-time, expediting transactions and enabling quick market responses. Additionally, Visa continues to expand in crypto with initiatives like the Visa Tokenized Asset Platform, promoting integration between traditional and digital finance.
Chainlink launches CRE to integrate applications across multiple blockchains
Chainlink (COIN:LINKUSD) unveiled the Chainlink Runtime Environment (CRE) at the SmartCon event, aimed at developing decentralized, cross-blockchain financial applications. Modeled after the Java Runtime Environment, CRE enables developers to build complex applications in days, not months, with modular Oracle components. Equipped with zero-knowledge proofs, it facilitates private, interoperable institutional transactions, advancing traditional finance adoption in Web3. Full launch is expected in 2025.
Florida CFO proposes adding Bitcoin to state pension funds
Jimmy Patronis, Florida’s chief financial officer, urged the State Board of Administration to consider Bitcoin for state pension funds, highlighting it as “digital gold” and a compelling diversification against volatility. Patronis argues Bitcoin’s decentralization offers financial protection and aligns with Ron DeSantis’s stance against central bank digital currencies. He proposed a study to assess the risks and benefits of this strategic addition to the Florida Growth Fund, which already invests in high-growth assets.
Nillion raises $25 million to expand its decentralized privacy network
On October 30, Nillion secured $25 million in funding led by Hack VC, totaling over $50 million, for its decentralized privacy platform. Known for its off-chain “Blind Computer,” Nillion offers advanced privacy services without blockchain, leveraging secure multiparty computation and homomorphic encryption. With more than 40 developers in the Cosmos ecosystem, its network supports quantum messaging solutions and secure trading platforms, attracting partners like Distributed Global and Hashkey.